Compression Difficulties with Premiere Pro 1.5

I have a 17-minute video project that I would like to cut down to a reasonable file size (around 50MB would be great). Unfortunately, to get even close to that, I sacrifice waaay too much quality. I've been told to use Quicktime Sorenson 3 and to fiddle with the data rates and frame rates. I've tried this and haven't found a great solution yet. Any suggestions? Thanks.

You should be able to do that with the Sorenson Video 3 Pro encoder using 2-pass VBR at 320x240 with no problems. The standard SV3 encoder included with QT Pro will not generate acceptable results however. FYI, just yesterday I generated a 15 minute encode at 320x240 @ 500kbps which netted a file slightly less than 50MB and I was quite happy with the end result.

Just to clarify, even though I mentioned QT Pro, the point is that you still need the SV3 Pro encoder license for good quality SV3. I don't think Premiere includes the Pro version. Alternatively, you can try a different format, like WMV9, which Premiere should do a good job of encoding at my previous settings as well. You will need to install the free Windows Media Encoder for this to work though.